Homekey Round 3 Key Items

• Capital Award Per Door — $150,000 - $200,000. Higher level of support for homeless youth or youth at risk of homelessness, chronically homeless, and family units. Award level must be justified by appraisal and other documentation.

• Capital Match — 1:1 up to an additional $100,000 per door.

• Operating Award per Unit — $1,000 - $1,400 per assisted unit per month. Higher level of support for homeless youth or youth at risk of homelessness and chronically homeless. Award level must be justified by appraisal and other documentation.

• Operating Match — Two (2) years if applicant commits three (3) years of operating funding; Three (3) years if applicant commits four (4) years of operating funding.

• Capital Expenditure Deadline — Eight (8) months, or up to 15 months from the date of award if requesting an expenditure deadline extension.

• Operating Expenditure Deadline — June 30, 2026

• Full Occupancy Deadline — 15 months from date of award letter.

• Acquisition, Rehabilitation, and/or Construction Deadline — 12 months from the date of award letter

Homekey Grant funds: $736 million (FY 2022-23)

• Of the $736 million in Homekey funding, $435 million is derived from the Coronavirus State Fiscal Recovery Fund (CSFRF) established by the federal American Rescue Plan Act of 2021 (ARPA) (Public Law 117-2) and $301 million is State General Fund.

• Homekey capital funds must be expended within eight months of the date of award. “Date of award” means the date on the award letter issued from HCD to the awardee. In order to account for the time between the award letter and fund disbursement, and the fact that grantee payments to contractors are made in arrears, HCD may extend the eight (8) month expenditure deadline by up to seven (7) months, upon the request of the awardee. The request shall be submitted in electronic format on a form provided by HCD.

• All operating funds must be fully disbursed by HCD by June 30, 2025, and fully expended by the grantee by no later than June 30, 2026.